Irobot Corp (IRBT) 10-Q Quarterly Report Thu May 05 2022

Colin Angle, chairman and chief executive officer of iRobot, stated, “Our recent tariff exclusion, combined with prudent cost management, enabled us to outperform our initial operating loss and net loss per share expectations for the first quarter of 2022. In terms of our first-quarter 2022 revenue, we delivered solid performances in the U.S. and Japan, which mostly was offset by a decline in EMEA. The first quarter was also highlighted by important progress to advance each element of our ‘INNOVATE. GET. KEEP. GROW.’ strategy.”

Commenting on the company’s outlook, Angle concluded, “Looking ahead, we plan to manage our business in ways that will enable us to navigate the potential for disruptions in the consumer marketplace, particularly in EMEA, primarily driven by a combination of heightened inflation and reduced consumer confidence stemming from the Russia-Ukraine war. While we still anticipate solid revenue growth in North America and our prospects in Japan are strengthening, we have reduced our full-year revenue growth expectations due primarily to the prospect of muted category growth in EMEA. Nevertheless, the combination of tariff-related savings and ongoing actions to carefully manage spending will help us preserve our profitability and enable us to slightly increase the high end of our FY22 EPS targets. We believe that our anticipated revenue and EPS trajectory in the second half of FY22 will leave us well positioned to deliver on our long-term financial targets.”

Financial Performance Highlights

•Revenue for the first quarter of 2022 was $292.0 million, compared with $303.3 million in the first quarter of 2021.

◦iRobot’s revenue in the U.S. grew 33% and the company’s revenue increased 25% in Japan for the first quarter of 2022 versus the same period one year ago. iRobot’s first-quarter 2022 revenue in EMEA declined 44% against a very strong quarter in EMEA one year ago.

◦Revenue from premium robots with an MSRP of $500 or more grew by over 30% in the first quarter of 2022. Mid-tier robots (with an MSRP between $300 and $499) and premium robots accounted for 86% of first-quarter 2022 robot sales, versus 84% from the prior year's first quarter.

◦Aeris air purifier revenue was approximately $3 million in the first quarter of 2022.

◦We estimate that iRobot’s first-quarter 2022 revenue to support e-commerce, which spans the company’s own website and app, dedicated e-commerce websites and the online arms of traditional retailers, grew by 6% from the same period last year and represented approximately 62% of total quarterly revenue. Direct-to-consumer revenue of $41 million in the first quarter of 2022 grew 17% from the same quarter last year and represented 14% of total revenue.

The following information was filed by Irobot Corp (IRBT) on Wednesday, May 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Irobot Corp's 10-Q Quarterly Report:

Financial - Expense Highlight
The decrease is offset by lower warranty expense and tariff cost as we were granted temporary exclusion from Section 301 List 3 which eliminates the 25% tariffs on Roomba products imported from China as previously described.

Financial - Earnings Highlight
In addition, gross margin was favorably impacted from $11.7 million recognized as a benefit from tariff refunds during the three months ended April 2, 2022 related to tariffs expensed in fiscal 2021.
Financial - Earnings Highlight
19 The following table reconciles gross profit, operating (loss) income, net (loss) income and net (loss) income per share on a GAAP and non-GAAP basis for the three months ended April 2, 2022 and April 3, 2021: Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP.
M & A - Other Highlight
Amortization of acquired intangible assets: Amortization of acquired intangible assets consists of amortization of intangible assets including completed technology, customer relationships, and reacquired distribution rights acquired in connection with business combinations.
Other - Other Highlight
The change in working capital was driven by decreases in accounts payable and accrued liabilities of $119.0 million.
Other - Other
The change in effective tax...Read more
Financial - Earnings
Gross Profit Gross margin decreased...Read more
Financial - Expense
Any settlement payment or proceeds...Read more
M & A - Other
Amortization of Acquired Intangible Assets...Read more
Financial - Expense
These increases were partially offset...Read more
Revenue - Product
In addition, we continued to...Read more
Other - Other
Accordingly, our capital spending is...Read more
Financial - Income
The $9.6 million income tax...Read more
Financial - Income
The $1.2 million income tax...Read more
Financial - Expense
Such actions are 18 not...Read more
Other - Other
By leasing our office facilities,...Read more
Other - Other
Some of the forward-looking statements...Read more
Financial - Expense
We believe that this approach...Read more
Other - Other
These non-GAAP financial measures should...Read more
Revenue - Geography
On May 4, 2022, we...Read more
Revenue - Product
In the event our revenue...Read more
Other - Other
As of April 2, 2022,...Read more
Financial - Expense
These increases in cost of...Read more
Financial - Earnings
To continue expanding our business...Read more
Financial - Expense
The increase in cost was...Read more
Other - Other
The purchase orders, the majority...Read more
Revenue - Geography
Geographically, in the three months...Read more
Financial - Debt
The credit facility contains customary...Read more
Other - Other
Additional funds may not be...Read more
Other - Other
The lender's base rate is...Read more
Revenue - Geography
Lines of Credit We have...Read more
Other - Other
In addition, we believe that...Read more
Revenue - Geography
Key Financial Metrics and Non-GAAP...Read more
Revenue - Product
This increase was primarily attributable...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Irobot Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 10.1: Material Contract

Ticker: IRBT
CIK: 1159167
Form Type: 10-Q Quarterly Report
Accession Number: 0001159167-22-000030
Submitted to the SEC: Thu May 05 2022 4:49:35 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Saturday, April 2, 2022
Industry: Household Appliances